By Raphael Michilis
Social payments company iZettle has raised $31.4 million to pave its expansions plan.
The capital was acquired in two funding rounds (Series A and B) and will help the Stockholm-based company to break the Nordic frontiers across Europe and other markets where chip-cards are the standard, said Jacob de Geer, iZettle CEO.
The company uses a mini chip-card reader and app to convert an iPhone or iPad into a credit card terminal and has initiated tests for commercial release in the UK.
iZettle funders list includes Greylock Partners, Northzone, SEB Private Equity, Index Ventures, Creandum and MasterCard.
The iZettle British trial program doesn't accept payments with cards from Visa, which is an investor of similar product, Square, in the US.
“iZettle is the first and only company to develop an affordable chip-card reader and app for smartphone-based mobile commerce that meets all of the rigorous international security requirements,” said Laurel Bowden, Greylock’s partner in London who is joining iZettle’s board of directors.
Aimed at small business entrepreneurs and self employed professionals, iZettle says its chip and signature product has contributed to increase by 10% the volume of points of sale (POS) in the Nordic countries where it operates: Sweden since August 2011; Finland and Norway from February this year.
“There are currently about 20 million small businesses in Europe that only take cash or invoices, according to Eurostat. That’s a huge opportunity that only iZettle can address right now,” said Ben Holmes partner at Index Venture.
iZettle charges no monthly subscription, but collects a 2.75% to 3.75% fee per transaction made in Sweden. iZettle is PCI-DSS compliant and approved by Europay, MasterCard and VISA. It doesn’t store sensitive data on the device and information transfer is encrypted.
More about mobile POS:
Pagseguro and Nokia bring NFC payments to Brazil
Social payments company iZettle has raised $31.4 million to pave its expansions plan.
The capital was acquired in two funding rounds (Series A and B) and will help the Stockholm-based company to break the Nordic frontiers across Europe and other markets where chip-cards are the standard, said Jacob de Geer, iZettle CEO.
The company uses a mini chip-card reader and app to convert an iPhone or iPad into a credit card terminal and has initiated tests for commercial release in the UK.
iZettle funders list includes Greylock Partners, Northzone, SEB Private Equity, Index Ventures, Creandum and MasterCard.
The iZettle British trial program doesn't accept payments with cards from Visa, which is an investor of similar product, Square, in the US.
“iZettle is the first and only company to develop an affordable chip-card reader and app for smartphone-based mobile commerce that meets all of the rigorous international security requirements,” said Laurel Bowden, Greylock’s partner in London who is joining iZettle’s board of directors.
Aimed at small business entrepreneurs and self employed professionals, iZettle says its chip and signature product has contributed to increase by 10% the volume of points of sale (POS) in the Nordic countries where it operates: Sweden since August 2011; Finland and Norway from February this year.
“There are currently about 20 million small businesses in Europe that only take cash or invoices, according to Eurostat. That’s a huge opportunity that only iZettle can address right now,” said Ben Holmes partner at Index Venture.
iZettle charges no monthly subscription, but collects a 2.75% to 3.75% fee per transaction made in Sweden. iZettle is PCI-DSS compliant and approved by Europay, MasterCard and VISA. It doesn’t store sensitive data on the device and information transfer is encrypted.
More about mobile POS:
Pagseguro and Nokia bring NFC payments to Brazil
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